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2799 Piedmont Road NE, Atlanta, GA 30305
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Buy vs. Lease
Should You Buy or Lease a Mercedes-Benz?
When you’re ready for a new vehicle, you might wonder whether buying the car is the best option. Leasing a new vehicle is also a viable choice with a number of benefits for the driver. However, making the choice between buying or leasing can be difficult, and you need to weigh the pros and cons on both sides before deciding, as well as taking into account your personal tastes and lifestyle.
So what is leasing, anyway? Buying is simple -- once you buy a car, you own it. Of course, the process gets a little complicated with additional factors such as down payments and car loans, but overall it’s something most people understand. Leasing is a little bit different. When you lease a car, you’re under contract to borrow a new car from the dealership for a predetermined amount of time.
Therefore, leasing allows you to drive the latest vehicle on the market without paying full price. When you lease a new car, the dealer calculates the rate of depreciation for that specific car and then subtracts the predicted price of the vehicle at the end of the lease from the starting cost. You only have to pay the difference, spread out over monthly payments. You can even pay a certain amount upfront like a down payment in order to reduce how much you’ll pay per month over the course of the lease.
This does have its drawbacks. The contract for the lease will put a mileage limit on the leased vehicle, and if you go over the negotiated amount before the lease is up, you’ll find yourself facing mileage fees. There will also be fees for any wear and tear. Leasing also fails in the one area that buying has a distinct advantage -- being able to pay off the loan and own the car as long as you want. So, if you’d prefer to own your car after paying it off, then you should buy instead.
Both buying and leasing have their drawbacks. Buying costs more and you typically won’t have all of the latest features and tech available on the market. Leasing is a better option for those who enjoy sampling everything out there at a fraction of the cost. So if you need help with finance regarding your Mercedes-Benz vehicle of choice, we here at Mercedes-Benz of Buckhead are here to help.